G7 countries back plan to cap price of Russian oil:
Tanks belonging to Transneft, a Russian state-owned company that operates the country's oil pipelines, in Ust-Luga, Russia, in March 2022. Igor Grussak/picture alliance via Getty Images
On Friday, the G7 Finance Ministers agreed to move forward with a plan to put a price cap on purchases of Russian oil and petroleum products in response to its continued invasion of Ukraine. This cap is aimed at preventing Russia from funding its war by keeping the Kremlin from further profiting from its oil exports while limiting the invasion's effect on global energy prices. US Treasury Secretary Janet Yellen supported the bid in a statement that the agreement is "a critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine." The effect of the price cap can already be seen as Russia attempts to negotiate discounted oil trades. Russia, for its part, is threatening to withhold oil sales from countries taking part in the capping plan.